July 17, 2015

Representative Elijah E. Cummings (D-Md) and Sen. Elizabeth Warren (D-Mass) have sent letters to several federal financial regulators regarding risks posed to taxpayers after last year's partial repeal of Section 716 of the Dodd-Frank Act, which had been designed to prevent bailouts to banks and other financial entities with swaps holdings.

Earlier this year, according to the press release issued by Cummings, the two had sent letters to several major banks asking how they planned to change their swaps trading practices following the change to the Dodd-Frank Act. The banks did not provide information necessary to assess and understand the risks taxpayers face, claiming it was proprietary information, according to the release. The current letters Cummings and Warren have sent asked financial regulators to provide the information the banks refused to make available.